I am writing today to announce the closure of the New Mexico Independent. After three and a half years of operation in New Mexico, the board of the American Independent News Network, has decided to shift publication of its news…
While environmental activists played their part yesterday during demonstrations at the capitol building, going so far as to dress up as solar panels and to sing the tune of “You Are My Sunshine,” their counterparts, the anti-cap-and-trade contingency who has…
Roughly one quarter of University of New Mexico students are unimpressed with the state’s flagship public school, according to a survey that questioned college students about their higher education experiences.
A former investment officer at a state authority alleged today that he had been pressured to award contracts and make investments based on “political considerations,” including political contributions, and that the pressure came from appointees of Gov. Bill Richardson.
Frank Foy, who until recently worked for the Education Retirement Board (ERB), sued in July on behalf of New Mexico taxpayers to recover what he says is millions of dollars the state lost due to bad investments he was pressured to make. To see the complaint, click here. The suit was unsealed today, and defendants are being served with the complaint, said attorney Victor Marshall, who is representing Foy.
Foy said at a press conference Wednesday that he was pressured by ERB chairman Bruce Malott and an individual the complaint identified as “John Doe #2.” Neither Foy nor his attorney, Victor Marshall, would identify that person.
Foy said that he began feeling there was a pay-to-play scheme in place as early as 2003. In particular, Foy said he felt pressure to invest in securities being touted by Chicago-based Vanderbilt Capital Advisors LLC.
The investment by ERB that Foy alleges in the complaint was made based on political considerations occurred in 2006. The professional staff at the board was vigorously opposed to it. But “[b]y that time it had become apparent to the staff at the ERB that in some cases state investments were being steered based on political considerations and political contributions,” Marshall said.
“I just knew for the first time in my career at ERB I was instructed to talk to a bond salesman,” Foy said of an individual who was touting the investment being peddled by Vanderbilt Capital.
